The post Here’s Why The XRP Price Plunged To $0.55 appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. The XRP price has dropped to $0.55 as the crypto token continues to struggle to break above the $0.60 resistance level. This recent drop is due to several factors, including Ripple’s recent token unlocks.  Ripple’s Unlocks Causes Price To Drop According to the on-chain analytics platform Whale Alert, Ripple unlocked 1 billion XRP tokens ($559 million) from its escrow wallet on September 1. This formed part of the token unlocks, which the crypto firm is known to carry out monthly. These token unlocks were carried out in three transactions, with 500 million XRP, 200 million XRP, and 300 million XRP unlocked from the escrow wallet in these three transactions.  Related Reading This sparked a bearish sentiment for the XRP price, causing it to drop. Ripple’s XRP unlocks always create a supply shock, which causes XRP investors to panic and sell off their holdings in fear that the crypto firm may be looking to offload some or all of the tokens that it has unlocked from escrow.  This panic among XRP investors comes despite reports that Ripple’s XRP sales do not impact the crypto’s price on exchanges, as they are likely done over the counter. Meanwhile, Ripple once again received criticism from some members of the XRP community following the recent token unlocks, with one of them calling the crypto firm a “scam.” Another reason the XRP price plunged to $0.55 is the current bearish sentiment in the broader crypto market. Bitcoin (BTC) dropped below $58,000 on September 1, thereby sparking a downtrend for other crypto tokens.  The flagship crypto’s price action has remained indecisive, weighing on the fate of other tokens. The XRP price is undoubtedly at risk of dropping lower if Bitcoin fails to establish a bullish trend soon enough and rises…

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Filed under: News - @ September 2, 2024 10:21 pm